Clearwater Analytics (NYSE:CWAN) Price Target Lowered to $34.00 at DA Davidson

Clearwater Analytics (NYSE:CWAN) had its target price decreased by DA Davidson from $36.00 to $34.00 in a research note released on Tuesday morning,Benzinga reports. DA Davidson currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. began coverage on shares of Clearwater Analytics in a research note on Friday, April 25th. They set an “overweight” rating and a $28.00 price target for the company. The Goldman Sachs Group raised shares of Clearwater Analytics from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Monday. Oppenheimer lowered their target price on shares of Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating for the company in a research note on Wednesday, June 11th. Wells Fargo & Company lowered their target price on shares of Clearwater Analytics from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Piper Sandler set a $27.00 target price on shares of Clearwater Analytics and gave the stock an “overweight” rating in a research note on Tuesday, June 24th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, Clearwater Analytics currently has a consensus rating of “Buy” and an average target price of $32.20.

Clearwater Analytics Price Performance

CWAN stock opened at $18.92 on Tuesday. The company has a fifty day moving average price of $21.73 and a 200-day moving average price of $24.28. The company has a market capitalization of $5.36 billion, a P/E ratio of 11.90, a PEG ratio of 3.69 and a beta of 0.73. Clearwater Analytics has a 52-week low of $17.98 and a 52-week high of $35.71. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.02 and a current ratio of 2.02.

Clearwater Analytics (NYSE:CWAN) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business had revenue of $181.94 million for the quarter, compared to the consensus estimate of $174.16 million. Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. Clearwater Analytics’s revenue was up 70.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.10 EPS. As a group, equities analysts expect that Clearwater Analytics will post 0.18 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Sandeep Sahai sold 50,000 shares of Clearwater Analytics stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $22.15, for a total transaction of $1,107,500.00. Following the completion of the transaction, the chief executive officer directly owned 895,663 shares in the company, valued at $19,838,935.45. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Scott Stanley Erickson sold 4,460 shares of Clearwater Analytics stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $21.67, for a total transaction of $96,648.20. Following the transaction, the executive owned 15,776 shares of the company’s stock, valued at $341,865.92. This represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 208,107 shares of company stock valued at $4,629,708. 3.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its holdings in Clearwater Analytics by 15.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 427,274 shares of the company’s stock worth $11,759,000 after purchasing an additional 55,762 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Clearwater Analytics by 6.3% during the fourth quarter. Russell Investments Group Ltd. now owns 159,844 shares of the company’s stock worth $4,399,000 after purchasing an additional 9,525 shares during the last quarter. Legal & General Group Plc boosted its holdings in Clearwater Analytics by 29.1% during the fourth quarter. Legal & General Group Plc now owns 188,022 shares of the company’s stock worth $5,174,000 after purchasing an additional 42,409 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Clearwater Analytics during the fourth quarter worth about $20,482,000. Finally, Townsquare Capital LLC boosted its holdings in Clearwater Analytics by 6.2% during the fourth quarter. Townsquare Capital LLC now owns 42,930 shares of the company’s stock worth $1,181,000 after purchasing an additional 2,510 shares during the last quarter. 50.10% of the stock is currently owned by institutional investors and hedge funds.

About Clearwater Analytics

Clearwater Analytics Holdings, Inc develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities in the United States and internationally.